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Business & farm
@KJman The key issue is whether you were open for business, meaning you were offering your goods or services for sale. If not, then your expenses are start-up expenses and you need to wait until the year you are open for business to deduct them. Otherwise, you can deduct expenses with no income, but this is an audit trigger as the IRS may demand evidence that you were open for business and were operating a legitimate business.
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‎February 22, 2022
3:59 PM
13,251 Views